With the 2021 tax season upon us, it’s time to review all of your estate planning documents, especially your trusts. The IRS requires you to file Form 1041, U.S. Income Tax Return for Estates and Trusts, for each trust that received $600 or more in income during 2021 or that has a nonresident alien as one of its beneficiaries. The only exception to this requirement is a grantor trust.
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